Insurance Loss Prevention & Risk Management
Effective Insurance Loss Prevention is the backstop that lets business do business.
When insurers remove or defray risk, they fuel the engine of the economy. That fuel runs low, or becomes cost-prohibitive, however, when fraud robs insurers and makes them skittish to assume new risks, or when mounting claims within an industry cause them concern about continuing to cover existing risks.
The public’s attitude toward insurance fraud is mind-boggling. A study by Accenture Ltd. reveals that almost one-quarter of respondents say that it is acceptable to defraud an insurance company. Insurance fraud accounts for $80 billion in losses per year, according to the Coalition Against Insurance Fraud.
The management team at Lowers & Associates (L&A), both in the U.S. and U.K, have a long history of serving insurance underwriters and brokers operating in the world insurance markets by assessing the exact nature of the risks presented to them and thereby enabling all parties to the insurance contract to be satisfied with its terms and conditions.
Comprehensive evaluations are undertaken in conjunction with a prospective assured’s own staff and a “picture painted” by way of narrative reports offering a range of recommendations to mitigate the risks. The identification of risk and the taking of measures to mitigate have become standard operating procedures in the mind of today’s proactive assureds, where the cost of risk is driven to the bottom line. L&A is experienced in working with assureds, and indeed their insurers, in establishing and overseeing workable risk management programs for the duration of the policies placed and beyond.
Additionally, L&A devotes an important segment of its practice to helping insurance brokers and underwriters by managing their risks and preventing, identifying, and investigating fraud. We also ensure that clients, which include the London Insurance market, pay only claims that are appropriately verified, financially accurate, and legally justified.
Lowers and Associates Continues to Assist Insurers and Their Customers